Blog
Barrington personal injury attorney, Barrington divorce lawyer

847-381-8700

Personalized Legal Services in
Barrington and Schaumburg, Illinois

Search
Facebook Twitter YouTube LinkedIn
Divorce &
Family Law
Personal
Injury
Business
Law
Real Estate
Law
Wills, Trusts
& Probate
General Civil
Litigation
Elder
Law

Three Questions That Help You Decide on Your Marital Home

Posted on in Property Division

Three Questions That Help You Decide on Your Marital HomeIt can be difficult to choose whether you should keep or sell your marital home during a divorce. Keeping a home can be expensive, but selling it would be losing possibly your most valuable asset. To know the right answer to this dilemma, you need to know the right questions. Other aspects of your divorce and your personal life will likely determine whether you should keep your home. Here are three important questions to answer about your marital home:

  1. How Much Would It Cost to Keep the Home?: Keeping your marital home may be impractical if you cannot afford it. Homeowner expenses are more than making mortgage payments. You are also responsible for paying utilities, maintenance, and property taxes. A homeowner tax exemption or spousal maintenance could offset some of the cost. You also must consider what you will be giving up during the divorce in exchange for the home. If your home is the most valuable property from your marriage, your spouse will need to receive assets of similar value. Losing those assets could diminish your ability to afford your home.
  2. How Much Value Would You Receive from Selling the Home?: You should always appraise the value of your marital home as if you were planning to sell it. You need to know your home’s actual value, whether you are selling it or including it in the division of property. Your home’s assessed value will tell you how much money you need to receive in a sale to make selling your home worth it. The housing market and location of your home can affect how much potential buyers are willing to offer for your home. It may be wiser to hold onto your home if you cannot receive acceptable value for it.
  3. Are There Reasons to Keep the Home That Are Not Money-Related?: Finances are not the only consideration when making property decisions during a divorce. Your children may benefit from staying in their family home. You may have a personal history or emotional attachment to the home. Looking for a new home on top of your divorce may be overwhelming. Whatever the reason is, you must weigh whether it is worth the cost of keeping the home.

Contact a Barrington Divorce Lawyer

You should decide whether to keep or sell your home only after you have discussed the consequences of both decisions. A Barrington, Illinois, divorce attorney at Joseph M. Lucas & Associates, LLC, can assess your situation to help you reach a decision. To schedule a consultation, call 847-381-8700.

Source:

https://realestate.usnews.com/real-estate/articles/real-estate-mistakes-you-dont-want-to-make-in-a-divorce

Avvo Profile Lake County Bar Association Illinois State Bar Association Northwest Suburban Bar Association
Back to Top